Liquid assets that are close substitutes for money are known as
A. near moneys.
B. far moneys
C. deposits.
D. None of the above is correct.
Answer: A
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In the long run all costs are variable costs. Why?
What will be an ideal response?
From Example 1.2 in the textbook, Pindyck and Rubinfeld distinguish between the mass market and dealer market for bicycles. Although there are many dealers in the U.S and only a few mass merchandisers, we should expect the dealer market to be somewhat less competitive than the mass market. Why?
A) Due to their differences in quality and performance, dealer bicycles are not close substitutes. B) The geographic extent of the market for dealer bicycles is typically small, so the individual sellers do not have many local competitors. C) Dealers are small sellers and have little control over bicycle prices. D) A and B are correct. E) B and C are correct.
An increasing cost industry is one in which per unit cost increases as output expands in the long run
a. True b. False
If the quantity of bread demanded rises 2 percent when the price of bread declines 10 percent, then the price elasticity of demand is:
a. 10 b. Cannot be determined. c. 2 d. 0.2 e. 1